The Intermediary – December 2025 - Flipbook - Page 8
RESIDENTIAL
Opinion
Financial wellbeing:
What our members
really think
A
s a mutual building
society owned by its
savers and borrowers,
it is vitally important
that we know and
understand how our
members feel, not only about their
and their families’ financial wellbeing,
but also about the wider economic
outlook and how it affects their
important financial decisions.
At the Family Building Society,
we’ve been running ‘Financial
Wellbeing’ surveys twice-yearly since
late 2023. They are a crucial part of
the feedback we gather from our
members and an important window
into members’ real-world views and
sentiments.
Our latest survey, conducted in
the run up the most recent Autumn
Budget, received 4,276 responses,
representing an impressive 15.7%
response rate.
Questions posed to Family Building
Society members ranged from the
fairly broad, ‘what does financial
wellbeing mean to you?’ and ‘how
do you feel about your financial
wellbeing?’ to more specific questions
on the economy and the direction of
interest rates, the housing market and
the abolition of Stamp Duty.
This latest survey highlighted that
the outlook among our members
has remained fairly stable, with
most continuing to report positive
sentiment about their financial
wellbeing.
Core definitions of ‘wellbeing’
remained unchanged from previous
surveys, centring on financial
security, sufficient income, and
resilience against unexpected
expenses. Emotional dimensions
such as the absence of worry also
continue to shape perceptions of
financial stability.
6
The Intermediary | December 2025
Members’ expectations for the
economy have shied towards a
more neutral position, with fewer
anticipating a slowdown and more
predicting stability.
Taxation has emerged as the
leading perceived threat to financial
wellbeing, most probably due to
the long and drawn out period of
speculation about what would actually
be in the Budget, narrowly surpassing
the cost-of-living crisis, which was
the biggest threat in the ‘Spring 2025
Financial Wellbeing’ survey.
Housing supply reforms drew
fanatical support for measures such as
abolishing Stamp Duty for downsizers
(62%), prioritising brownfield
development (53%), and converting
unused office space into homes (47%).
Procedural changes, such as
simplifying planning or increasing
levies, aracted less support.
Borrowing cost expectations have
moderated significantly since 2023,
with fewer predicting sharp rises
and more anticipating stability
or decreases.
The responses to retirement
planning remain consistent, with
most members already retired and few
expecting to make changes to their
retirement plans.
The pension triple lock received
strong backing, with nearly half
calling it ‘essential’ and a further
quarter supporting retention
with review.
Net zero initiatives aracted steady
support for energy reduction and
green incentives, though scepticism
has grown with nearly one in five now
saying lenders should take no action.
In summary, the key themes that
emerge from our Autumn 2025
survey were:
Stable personal wellbeing:
Most members continue to feel
ALISTAIR NIMMO
is director of marketing at
the Family Building Society
financially secure and resilient,
with lile change over time.
Taxation overtakes cost of living:
This is the top perceived threat to
financial wellbeing, signalling a
shi in financial concerns.
Practical housing solutions
preferred: Strong support
for abolishing Stamp Duty
for downsizers, brownfield
development, and office-tohome conversions.
Borrowing cost expectations
moderating: Fewer predict sharp
rises, more expect stability or
decreases, reflecting optimism.
Retirement stability: Majority
already retired with minimal shortterm changes planned.
Triple lock support: Nearly half see
it as essential, with others backing
retention but open to review.
Net zero scepticism rising: While
energy reduction and green
incentives remain popular, more
members now question lender
involvement, and whether we
should do anything at all.
Like many others, our members were
forecasting a largely negative Autumn
Budget, with 59% expressing concern
and only 1% feeling positive. Their
expectations of tax increases, with
many anticipating measures affecting
ISAs limits, which were flagged, have
proved accurate, with many fearing
a Budget focused on raising revenue,
with limited relief for those already
facing financial pressure.
The effects of Rachel Reeves’
announcements on 26th November
will certainly make for interesting
reading when our next survey is
published in the spring of 2026. ●
